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Markets are higher this morning following an extremely volatile session yesterday after the ECB disappointed with its lack of urgency given the region’s woes by delaying a decision on QE and slashing growth and inflation targets. This was followed after the close of European markets by comments in Die Welt that certain ECB members opposed President Draghi’s QE plans. Macro wise we have Eurozone GDP this morning followed by US Non-farm payrolls this afternoon.
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The UK’s UK 100 has broken back above its 50, 100 and 200 day moving averages this morning following speculation that the ECB will address QE in January came out after the bell yesterday. The break above these moving averages could see the UK 100 target the highs of earlier in the week around 6760 while support could come at the 200 day moving average at 6715. The RSI has continued to rise and is now in overbought territory.
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Possible support
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Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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Germany’s DAX registered a new all-time high then traded at a 1 week low in the space of 20 minutes after Mario Draghi’s press conference. The DAX has broken above its major moving averages this morning as it looks to test 10000 again. Support should come into play at the 50 and 100 day moving averages.
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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US Dow Jones set yet another all-time high yesterday and looks set today to test the high again. Non-farm payrolls will no doubt play a big part in the direction of the Dow. Support should come at the 50 day moving average with 18000 still the upside target.
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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Spot Gold has managed to hold above its 50 day moving average over the past few days, which is a level that should now provide support. Resistance could come at the 100 day moving average somewhere around 1225.
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
Click here for help with Support & Resistance Click here for help with technicals
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